Capital B has opened online shareholder voting on proposals that could give the France-listed company sweeping authority to raise capital for its Bitcoin treasury strategy. The request is not an immediate $122 billion raise, but a mandate to create future financing capacity through equity and credit instruments if shareholders approve it.
The vote is tied to Capital B’s Combined General Meeting on June 17, 2026. The company is asking shareholders to authorize up to €5 billion in nominal capital increases and €100 billion in credit instruments, a structure designed to accelerate its strategy of increasing Bitcoin per fully diluted share over time.
🟠 Dear Shareholders, in line with the deployment of $ALCPB 🇫🇷 $CPTLF 🇺🇸 Bitcoin Treasury Company strategy, we are submitting to your approval a new delegation of authority to the Board of Directors allowing the establishment of a maximum capacity of 5 billion euros in nominal… https://t.co/G2dLYCxoHB pic.twitter.com/QSQZlXQkQS
— Alexandre Laizet ⚡️ (@AlexandreLaizet) June 1, 2026
A Large Mandate, Not Immediate Deployment
The equity authorization could allow the creation of up to 125 billion new shares based on the current nominal value of €0.04 per share. That gives Capital B a potentially large dilutive tool, although any actual issuance would still depend on board execution, market conditions and investor demand.
The proposed credit-instrument capacity is even larger. At €100 billion, or roughly $116 billion, it would give the company theoretical access to non-equity financing for future Bitcoin purchases and treasury expansion. That leverage option increases flexibility, but it also increases balance-sheet and counterparty risk.
Capital B has framed the plan around its Bitcoin Treasury Company model. Its public strategy states an objective of accumulating 1% of Bitcoin’s total supply by 2033 while maximizing Bitcoin per share on a fully diluted basis. The shareholder vote would create the capital-market framework for that ambition.
Treasury Growth Brings Governance Pressure
The company currently reports 3,139 BTC on its balance sheet and describes itself as Europe’s first Bitcoin Treasury Company. That existing position is modest relative to its 2033 target, making external financing central to any accelerated accumulation plan.
The trade-off is clear. Equity issuance can dilute ownership, while credit instruments can preserve share count but add repayment, refinancing and collateral pressure. Both paths require stronger disclosure, treasury controls and risk governance if Bitcoin holdings grow materially.
The mandate could signal episodic future buying pressure rather than immediate spot demand. A company with approved financing tools can move faster when market windows open, but authorization does not equal execution, and the timing of any Bitcoin purchases remains uncertain.
The operational burden would also rise. Larger Bitcoin holdings require custody segregation, counterparty controls, transaction sequencing, audit trails and clear disclosure around acquisition costs, leverage and liquidity. A bigger treasury strategy is also a bigger operational-risk strategy.
The next checkpoint is the June 17 vote. If shareholders approve the resolutions, Capital B will gain broad authority to pursue equity and credit financing for its Bitcoin plan. The real test will be whether the company can turn that authority into disciplined accumulation without weakening its capital structure.
